BlackRock’s Bitcoin ETF, IBIT, experienced a remarkable surge in trading volume, recording $1.4 billion in the first 30 minutes of trading on Wednesday, November 6. This early activity nearly matched the ETF’s typical full-day volume as demand surged amid Donald Trump’s win. This notable performance marks a possible record-breaking volume day for Bitcoin ETFs and points to high investor interest amid a crypto market rally.
Analyst Comment on BlackRock’s IBIT Bitcoin ETF
Eric Balchunas, Senior ETF Analyst at Bloomberg, commented on the massive influx, writing, “Damn, IBIT has seen $1b in volume in the first 20min- that’s about what it does in full day. Other bitcoin ETFs in same boat, crazy volume.” His observation suggests a “feeding frenzy” atmosphere in the market, as rising Bitcoin prices appear to be attracting fresh inflows.
Damn, $IBIT has seen $1b in volume in the first 20min- that’s about what it does in full day. Other bitcoin ETFs in same boat, crazy volume. Set for a record-breaking volume day (and given price is up so much, this is likely feeding frenzy volume vs crisis volume = look for… pic.twitter.com/1gSvV5Lwzo
— Eric Balchunas (@EricBalchunas) November 6, 2024
According to monitoring by Trader T, IBIT’s trading volume reached $1.4 billion within 30 minutes, matching the ETF’s total daily volumes from Monday and Tuesday. This surge indicates “stable and sustained interest from investors,” as noted by analysts from BlockBeats, signaling continued confidence in BlackRock’s Bitcoin ETF product.
Inflow Surge Imminent?
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Balchunas also hinted at the potential for further inflows. He stating, “Remember the last time we saw volume spike during a rally? That was a precursor to the recent flow-athon, IBIT alone took in $1.8b over next few days.” Although he emphasized that these patterns do not guarantee future trends, Balchunas added, “I’m a fan of patterns and it fits pattern.”
Also, at press time, the trading volume for the IBIT ETF soared to a whopping $2.5 billion. With the significant volume and strong early investor interest, the latest data from IBIT highlights BlackRock’s growing influence in the Bitcoin ETF space. The activity suggests investors are actively seizing on rising Bitcoin prices, positioning IBIT as a key player in the Bitcoin financial products space.
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